National Compensation Fund

(1) There shall be a National Compensation Fund which shall be a trust vested in the Republic. (2) The National Compensation Fund shall be used exclusively for the purposes assigned to it by this Constitution and shall— (a) be a trust the purpose of which shall be for the exclusive benefit of those applicants to the National Compensation Tribunal who have been granted any award, gratuity, pension or other form of reparation according to the principles, procedures and rules of the National Compensation Tribunal; (b) be held in a separate account within the Reserve Bank of Malawi; and (c) have all of its reports, financial statements and information relating to its operation published and maintained for public scrutiny. (3) Subject to this Chapter, the only charges on, or disbursements to be made from, the National Compensation Fund shall be by— (a) the National Compensation Tribunal; or (b) the trustees of the Fund in so far as such disbursements or charges are necessary and prudent for the efficient operation of the Fund in accordance with its purpose as declared in this subsection. (4) There shall be not less than four trustees of the National Compensation Fund who shall be appointed from time to time by the Public Appointments Committee on the recommendation of the National Compensation Tribunal. (5) A Trustee shall hold office for the duration of the Fund unless and only in such circumstances as that trustee is removed by the Public Appointments Committee on the grounds of— (a) incompetence; (b) incapacity; or (c) being compromised in the exercise of his or her functions to the extent that his or her financial probity is in serious question. (6) Trustees of the National Compensation Fund shall exercise their functions independent of any direction or interference by any body or authority, save as is provided by this section. (7) The Auditor General shall make an annual report, to be laid before the National Assembly, on the conduct and status of the Fund which shall provide guidance to the National Assembly for voting an appropriation for the purposes of the National Compensation Fund. (8) An appropriation for the purposes of the National Compensation Fund shall be laid before the National Assembly by the Minister responsible for Finance before the beginning, and with respect to, every financial year during the life of the Fund. (9) With respect to any financial year, the Tribunal shall prescribe a period not being more than six months after the commencement of that financial year, after which the Tribunal shall not receive applications for compensation within that financial year from the National Compensation Fund. [1 of 1997]